European Shares Extend Losses On Rate Worries, Mixed China Data

(RTTNews) - European stocks extended declines on Friday after having snapped a nine-day winning streak the previous day.

Interest-rate worries were back in focus after three Federal Reserve officials said the U.S. central bank should keep borrowing costs high for longer.

China reported mixed economic data, but the country's central bank moved again to help the struggling property sector, helping ease concerns around economic recovery. Closer home, Eurozone CPI was finalized at 2.4 percent year-on-year in April, unchanged from March's reading.

Earlier today, ECB Vice-President Luis de Guindos said that inflation in the Eurozone will move near its target of 2 percent in 2025.

Elsewhere, delivering a speech on the state of the economy, U.K. chancellor Jeremy Hunt promised further tax cuts if the Conservatives win the general election.

The pan European STOXX 600 was down 0.3 percent at 522.10 after declining 0.2 percent on Thursday.

The German DAX shed 0.4 percent, France's CAC 40 dropped half a percent and the U.K.'s FTSE 100 was down 0.3 percent.

In corporate news, Swiss luxury goods maker Richemont surged 5.3 percent after announcing several changes to its board and management team.

Electrolux dropped 1 percent. The consumer electronics major has reannounced its previous recall of Frigidaire and Kenmore electric ranges following multiple reports of fires and injuries.

British property development firm Land Securities fell 2.3 percent after annual earnings from rental income dropped to £371 million from £393 million in 2023.

Consumer goods giant Unilever rose half a percent after launching its €1.5bn share buyback program.

French re-insurer SCOR SE slumped 8 percent after first-quarter Group net income fell 36.8 percent to 196 million euros from last year's 311 million euros.

ENGIE declined 1.6 percent. The utility reported a marginal decline in EBIT earnings for the first quarter, hit by declining sales in almost all segments.